Condonation of delay in filing GSTR-3B returns and entitlement to Section 62 benefit results in withdrawal of assessments and revocation of attachment...
Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Disallowance of deduction under sections 54B and 54F was examined; tribunal concluded the assessee is not entitled to either deduction and capital gain tax is payable on sale of flats, outcome: taxability established. Tribunal accepted that a registered joint venture agreement effected transfer earlier, making the share in constructed flats a capital asset and the market value at receipt (post occupancy certificate) constitutes cost of acquisition, outcome: cost to be treated from assessment year 2015-16. Tribunal allowed an additional claim before appellate authorities and restored the matter to the assessing officer to verify long term capital gain computation and determine correct tax liability.
Disallowance of deduction under sections 54B and 54F was examined; tribunal concluded the assessee is not entitled to either deduction and capital gain tax is payable on sale of flats, outcome: taxability established. Tribunal accepted that a registered joint venture agreement effected transfer earlier, making the share in constructed flats a capital asset and the market value at receipt (post occupancy certificate) constitutes cost of acquisition, outcome: cost to be treated from assessment year 2015-16. Tribunal allowed an additional claim before appellate authorities and restored the matter to the assessing officer to verify long term capital gain computation and determine correct tax liability.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
